Been reading a lot of fors in ozbargain lately but first post! So apologies on structure etc
Anyways!
Hey there guys I’m currently gunning for $100k just wondering how people reach their first 6 figs banked!
How did you feel?
How old were you?
If you were to start all over again from scratch how would you do it?
Most people will probs say that’s a good house deposit but how else would you use that cash?
Thanks for all your responses guys!
I got my first billion dollars just recently.
Vietnamese money is called Đong, not “dollars”, and Đ1,000,000,000 is still only about $53,000 our money, so you’re only half way there…
Or were you referring to Zimbabwean Dollars?
Zimbabwe doesn’t have its own currency any more, they use UD dollars over there now :)
Making your first 100k is easy, but lot's of hard work. I slaved away at Macca's for six weeks, living off ramen and water, and saved all of my salary. Then my parents gifted me $99,000 for Chinese New Year and here I am - a self-made success story.
I think you win this thread.
I genuinely LOL on this one.
Ahh, your parents should have gifted you $99,888. That would have made it easier for you. :)
Invested in Xiaomi shares
Cashed in eneloops.
Sold my A200 AMG
So MB are a high yield investment… there you go.
High yield investment vehicles.
Just from working and saving
No idea how old probably around 23
Didn’t feel anything
I’d have quit and travel around Asia as cheaply as possible for as long as possible
By coming on OzB and getting advice about how to not pay parking fines or traffic fines and learning how to get out of paying for repairs in at fault accidents.
Rolled all that saved cash back into buying PS3’s from a bargain listed on here and sold them for a profit.
Purchased 10 bitcoins
How old? I was 22 when I reached $100k. Used it to buy a townhouse in Melbourne.
How'd I feel? Fantastic. Had been working since the day I hit 18. One year in a dead end job, and then my apprenticeship from 19.
If I had my time again? I'd be more social. Earning that much at a young age, came at the cost of holidays and social gatherings.
So, you worked a dead end job and started an apprenticeship and all the while managed to save an average of $480+ a week?
Damn, I certainly did the wrong apprenticeship when I was younger. I didn’t even get $480 “before” tax. Then take out board, fuel, rego, insurance, food and the rest poured into savings, I wasn’t ever going to get close to that sort of savings.
Got a feeling that mum and dad may have helped out a little here…
He means he asked mum and dad for 100k at 22
Oh, well that makes way more sense… either that, or the trust fund matured when he hit 21… good timing.
Lol i remember when i first started my apprenticeship was like $150 on the first year second was $210 third $270 tradesman was like $400 kids these days wouldn't understand :(
I’m an old man now and earning good money and I still can’t afford to put $480/week away as savings… I’ve even had to cut back on my Saturday brunch time smashed avo toasts and double chai extra skinny soy free trade mocha lattes…
An apprentice can put away $480 a week… I suddenly don’t feel sorry for “poor hard done by millennials” now…
It's definitely possible. 22yo, I went to America and decided to get a home with my partner. came back, car died and purchased a 2nd hand 19-20k car. 2.5years later i had a tad over $65k in my savings. There's definitely a lot of age-based sacrifice, but it's worth it in the end. I'm by all means not on a cushy salary but i was living at home, paid half the utilities (whilst my sister paid the rest) so our parents could live comfy for a few years. Everybody wins. I learnt to save, pay utilities and still had enough to make-do with and still be relatively happy.
Next millennial I hear complain about the housing crisis or about affordability or how much they get paid, is getting a swift smack in the mouth and my foot up their arse.
I’m doing a trade course with a class of 18~23yo apprentices, and I can assure you, NONE of them have 2 zacks to rub together. I don’t think any of them would be on $480/week, let alone able to put that away as savings on a regular basis.
What’s the secret? You came home to your card board box and sat in the dark until it was time to go back to work the next day. I’m trying to do the maths, but I just can’t make it work…
@pegaxs: trust an oldie to always put it back on Millennials….the same oldie who will also complain that inflation is skyrocketing but your wage has flatlined….would i be correct in saying that? you are kidding yourself if you reject that claim. You generalising people who did not choose to be born in this era or generation is like me calling everybody in your generation sleazy racists…because seeing all these sex scandals and anti-equality protests, i can narrow it down to anybody over 40…but i don't.
I don't like people who complain about shit because I believe if you can't afford something, you shouldn't have it. But i do agree with people (not only Millennial's) complaining they can't save up for a house. I paid more for my house than my parents did for theirs 15 years ago…and i live 30mins further out from the city.
Idk about anybody else's situation so i can't speak for them, but the grind worked for me.
All I ever hear is "Wah, I'm a millennial and the baby boomers did this to me". To bad, so sad. Shame that I'm closer to Gen X than I am to either Baby Boomers or Millennials. But sure, my generation ruined it for everyone. We are the ones stuck between the ones that made the best of it, and the ones that get it given to them. My generation are treated like the middle child. The older children own and control everything, the younger children are coddled and pampered.
Believe me, there is no way on an apprentice wage that I could have afforded to buy a "town house" in Melbourne. My parents had nothing, so I couldn't just live rent free. I come on here and with all the moaning and complaining of young adults today and think, "shit, they are doing it tough", then I read, "oh, I had $100,000 by the time I was 22" and it's only because those same Baby Boomers you so despise so much are propping up your lifestyle. Living at home, rent free, helping you buy your first car. Paying your Uni fees… etc. etc.
As for your question on inflation and flat lining wages, it doesn’t bother me, and I'll tell you why, (not that you'll listen) because I have spent a life time already to get to the point where what I earn is more than an apprentice and more than someone 1/2 my age. I choose to work in fields that I like. I can pick and choose because I have a lifetime of experience and training that allows me to swap and change, so no, my wage has not "flat lined", it is very flexible, depending on what life choice I make.
But I will say this, every Gen Y and Millennial I try and employ to work for me, their biggest complaint (they seem to be good at this complaining thing) is that they are not paid the same as the guys I have here with over 20 years in the trade. Are you seriously suggesting that I pay some whining, 20 something, useless, no-hoping complainer at the same pay rate as I do the reliable, highly trained, experienced Gen X/BB guy on my team? All because of some hashtag armchair frenzy…
Interest rates at and all time low, wages at an all time high, good prosperity for any that want to go out and have a go. Well off Baby Boomer parents that cotton wool your every step in life. Yep, your generation has it sooo much worse than mine.
So, you worked a dead end job and started an apprenticeship and all the while managed to save an average of $480+ a week?
I did it… well managed to save $200+ a week and reached about half of 100k. Many expenses you had I didn't for one simple reason…. living at home. Pay on an apprenticeship is actually decent once you hit 20. For transparency I went from $400ish to $600ish a week while on it.
My dead end job was minimum wage at a chicken farm ($36,000 a year). When I was 19 I got my apprenticeship and in my first year of my apprenticeship was $40,000 before overtime and allowances. Share house was $150 a week including all utilities. I grew up in a small town and moved to Melbourne to work with a power company.
OP asked, and I answered. Don't know why the need to be so condescending. I'm not here to brag, and will happily supply tax returns.
Post tax returns, bank accounts, passwords, licence details etc
Thanks!
Lol… why would you think to post your tax returns on bloody OzBargain?!
Bitcoin
I got rich just by replying to an email that offered me a large sum of money if I'd help to transfer money out of Nigeria. Simples.
Hello I am the prince
Do you know the way?
Murdered family for inheritance
Got a small loan of $1 million from my parents
Hit my first 100k few months after I turned 30 but that was only possible because both me and my partner work but it wasn't easy since we immigrated to Australia only 2 years ago. The second 100k was achieved more easily just before I turned 31 (a month ago) because I took up a contract job for 6 months (contract jobs pay a lot!). Now looking to start building a house after a few months. I'm already quite behind compared to most Ozbargainers here!
Yeah definitely if you only saved 100k in 6 months you are definitely behind most people on here, you better catch up quickly or face financial ruin.
Hey there guys I’m currently gunning for $100k just wondering how people reach their first 6 figs banked!
I worked and saved my money…..
Rented a 4 bedroom house and sublet the other rooms to minimise my rent cost. Worked as a contractor in IT for a couple years on good coin and lived frugally (made all my own food and took lunches to work).
Is good coin better than bitcoin? I've not heard of it?
banked? prob about 24yo. just from working fulltime and living at home w/ parents (I did pay for some utilities i.e family phone/internet). I'd say working those extra overtime hours def helped and tbh you won't always have those opportunities later on down the track (salary now), or just have other priorities. I did have about $9k banked before i finished finished uni just from casual jobs and saved pocket money since high school.
It felt quite cool but only for a bit hah! then move one, but I did buy my first car the year before too. I wanted something sporty but ended up getting a reliable civic that has served me well going 10 yrs now :). ended up buying an IP when the FHOG ($7000) was just about to be phased out.
If I had to do it again, prob not much different, I rekon everyone's situation is different like you don't have to think that just coz someone reached X mount by X years then it is some sort of benchmark, you can do what you are happy and comfortable with. But I have to give some credit to parents who taught me to have good spending/saving habits and self disciple in spending on certain things, which I can now draw on for my own household.
ski mask and a sawn off shotty
Exporting headphone from Columbia
Worked for a few years and saved 90% of what I earned. I was in a late night shift position in a highly technical field so most the opportunities I had to go out and spend were not too many and I got paid well. I was 26 when I hit 100k saved and after I had turned 28 I had put that + another $100k into purchasing an apartment in Melbourne. I worked over the next couple of years to reduce the loan even more.
Unfortunately between 30-31 I took a year off working that I shouldn't have and saw my savings account dwindle but still well above my rainy month limit. I had some luck with bitcoin then decided to cash out at a good, but not best rate, and put that into a deposit to purchase a commercial property where I will be able to pay off the loan + keep a fair bit for myself just on the rent. I've started working again so even if the world falls in I should have enough savings to cover all payments for a comfortable while. I'm also looking at renting out my apartment and renting a cheaper one (can get away with something half the rental payments of my place if I'm living alone). I'm very thrifty, so even in this economy I think I should hit a million saved in the next 10 years.
It's a stark contrast to how I lived between 18-24 after getting kicked out of home and relying on centrelink Austudy to put myself through a degree and diploma on HECs and renting a room at a sharehouse.
Got there at 25. Mostly just working hard, saving most of income and lucky enough to be able to still live at home with parents.
Being able to live at home is a huge advantage.
Don't drive without car insurance.
Excel says i must've been 27. Only took 3 years after that to get to the next 100k, so definitely get's easier with age and experience.
Did a few stints of double jobs (night+day shift), to smash out the student loan and save for a down payment.
Couldn't imagine having to do it again though, so here's hoping the next 10 years of life are far easier with that all behind me :)
I get a dollar for every neg jv receives.
Okay I smell 99% bs here since most people with actual net worth aint gonna be commenting anyway. Im not rich and I did get help from my parents (getting help from parents is a huge boon and is nothing to be ashamed of).
I bought my first house at 26 for $350k in North Melb with 600sqm and an old commission style housing. Had 10% deposit and parents helped out by being guarantors, allowing me to skip LMI.
With 30k out of the deposit, I got into crypto in early feb last year. I didnt just buy 30k initially but 30k is the total outlay that I have invested into crypto.
So in the end, I have saved up 30k, got gifted 10k as well as being a guarantor from parents. With this I was able to buy a house now valued much higher and a crypto portfolio worth a little bit of money. This is just what I did based on my personal circumstances.
Most of my net worth is illiquid but Im still just working until my portfolio reaches my hard goal and I retire.
i got my first 100k at 18. it took alot of hard work. i knew i couldnt make it in the army so i deferred and faked some injuries to get out of it.. then my dad gave me a couple million and all his business contacts to try make it on my own. i failed alot but with a couple more cash injections from my father and throwing his name around alot. i finally got a foot in. i spent the last couple decades grabing chicks by the p*ssy. and now im the 45th president of the United States. it just takes time. u will all get there if just work to what you really want in life and u can have it all.
Lol at first i thought you where serious then read the 45th president and then found out it was a bluff nice :))))))
Probably in my second year of slaving away at my first FT job with engineering degree.
I didn't make anywhere near 100K till I was 33. The only reason I got there was because when I finished University and got my first job, I purchased the cheapest off the plan apartment unit in 2001. Turned out to be a really BIG mistake as it was built by crappy Meriton developer. Everything was falling apart and I was left with constant repair bills every few months. The only reasons I managed to survive were due to private sublease of the second bedroom, and my great skills at convincing tradies to do cash on hand - mate rate job.
It was hellish experience, but having said so I managed to maintain the unit quite well (at least looked that way), so 10 years later when I sold it during property boom, I was able to make 100K profit.
Was it worth it? Not really, I could have make more if I had purchased better quality property.
But no point in crying for spoilt milk, just eat some cement and harden the fudge up.
This will probably turn into an ozbrag thread about how people got their first $million.